An Investment in Time: What Happens to Your Money When an Investment Company Folds

Price 24.35 USD

EAN/UPC/ISBN Code 9780788009730


In the late 1980"s the booming real estate market in Southern California reached the peak of that cycle and headed downward. The severity of the decline wiped out reserves of some well- managed mature companies that depended on the sale of and income from real estate to pay the investors, the majority of which were smaller pension plans. An Investment In Time tracks what happened to one of these companies from the turnover of several million in assets to a court appointed receiver. Although the receiver is an attorney, he employs a legal firm of which he is a partner to handle the majority of the transactions. For the next six-and-a-half years the receiver collects over $2.5 million, the majority of which he pays to himself directly or to his law firm. While the president is charged with wrongdoing and criminal charges filed, the passive officers and directors are dragged into the ordeal. In addition to their own investments being wiped out, over $3 million in penalties are assessed. The characters are fictional or composite as is the storyline. However, the legal happenings and receiver billing is information filed with the court. The plot is awesome, and the results are unthinkable. A story you won"t easily forget.